February 10, 2020
Payday and Other Small Dollar Loans
Morning Consult conducted a survey, commissioned by Center for Responsible Lending, of approximately 10,000 registered voters. The poll is presented as a short Powerpoint-style slide deck with key takeaways, charts, and maps.
Key findings include:
- Two-thirds of voters (66%) are concerned about the ability of high-cost lenders to arrange loans through banks at rates higher than the state laws allow.
- One in three Republicans, independents and Democrats are strongly concerned about this practice.
- Across all 50 states and the District of Columbia, a majority (60-69%) of the population is concerned about high-cost lenders evading state laws.
- 70% of voters support an annual interest rate cap of no more than 36% for consumer installment loans.
- This proposal sees wide support among Democrats, independents, and Republicans alike.
- 41% of registered voters strongly support a rate cap of no more than 36% for consumer installment loans, with 45% of Democrats strongly supporting and more than one in three Republicans and independents strongly supporting.
- Voters support a36% interest rate cap for consumer installment loans, with a 60%-72% total support across all 50 states and DC.